SBERBANK
[SAVINGS BANK OF THE RUSSIAN FEDERATION]


THE LEADING BANK IN RUSSIA, CENTRAL AND EASTERN EUROPE.


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Statements of Income for the Years Ended 31 December
(Thousands of Russian Roubles, unless otherwise indicated)
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                                                                    2003         2002
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Interest income on loans                                        102,637,027   94,794,887
Interest income on securities                                    25,872,758   36,785,503
Interest expense                                                (79,642,994) (58,729,018)
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Net interest income                                              48,866,791   72,851,372
Impairment of interest earning assets                           (16,509,860) (13,651,554)
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Net interest income after impairment of interest earning assets  32,356,931   59,199,818
Gains less losses arising from securities and derivatives        40,979,241   19,344,898
Gains less losses arising from dealing in foreign currencies      4,274,093    2,886,561
Foreign exchange translation gains less losses                   (6,300,889)   3,579,901
Fee and commission income                                        22,096,989   16,929,637
Fee and commission expense                                         (644,722)    (480,229)
Other operating income                                            2,604,506    2,220,310
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Net operating income                                             95,366,149  103,680,896
Payroll and other staff expense                                 (50,193,457) (43,462,154)
Operating expenses                                              (28,981,804) (24,380,268)
Provision for credit related commitments                            (30,993)     (16,659)
Monetary loss                                                             -   (7,922,164)
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Profit before taxation                                           16,159,895   27,899,651
Income tax                                                       (2,226,382)  (7,641,373)
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Net profit                                                       13,933,513   20,258,278
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Earnings per share (in Russian Roubles per share)                        727        1,063
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